Applications open for small business loans in El Paso County

COLORADO SPRINGS, Colo. (KRDO) – Small business owners in El Paso County now have access to low-interest loans, mentorship and learning opportunities – all through the Accelerate COS Survive and Thrive initiative.

The city of Colorado Springs says applications are now open for their Small Business Loan Program.

“The City of Colorado Springs is excited to continue its partnership with Exponential Impact on the Accelerate COS program to support our business community,” said Shawna Lippert, economic development manager for the city of Colorado Springs. “Local businesses are encouraged to apply to this program that offers capital, education, and mentorship.”

Small businesses based in El Paso County with less than 50 full-time employees and at least six months of operating revenue are eligible to apply for the program.

The loan program is designed for businesses seeking growth opportunities, planning to hire and train employees, working on redefining their business model or experiencing barriers in accessing traditional financing, the city said.

“Small businesses in El Paso County are eligible to apply for a loan up to $50,000, and we encourage business owners to apply for this program that provides immediate capital and lasting community connections” Max Cupp, Executive Director of Exponential Impact, said.

Applications for the upcoming Survive and Thrive cohort close on Nov. 22.

Businesses that are accepted into the program will secure a three-year, low-interest loan that guarantees rates of 2% in the first year, 3% year two, and 4% year three (0% interest if paid in full during the first year).

Selected businesses will also participate in an eight-week-long Survive and Thrive program, where they'll receive personalized mentorship and education from industry experts.

Business owners can learn more about the program, review eligibility requirements, register for a session, ask questions, and apply for the program here.